In a bid to address allegations of monopoly in Nigeria’s petroleum sector, Aliko Dangote, President of the Dangote Group, has offered to sell the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPCL).
In an exclusive interview with Premium Times, Dangote expressed his willingness to divest from the refinery as a solution to the accusations and to improve the country’s persistent fuel crisis.
“Let them (NNPCL) buy me out and run the refinery the best way they can. They have labelled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way,” Dangote stated.
He underscored the enduring fuel crisis in Nigeria and highlighted the potential role of the Dangote Refinery in alleviating the issue. However, Dangote noted resistance from some quarters regarding his participation in the sector.
“We have been facing fuel crisis since the 70s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery,” he added.
This development follows comments by Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), who claimed that Dangote had requested the regulator to cease issuing import licenses to other marketers, aiming to be the sole fuel supplier in Nigeria.
“We cannot rely heavily on one refinery to feed the nation, because Dangote is requesting that we should suspend or stop importation of all petroleum products, especially AGO and direct all marketers to the refinery. That is not good for the nation in terms of energy security. And that is not good for the market, because of monopoly,” Ahmed stated in a video interview with State House correspondents.
Dangote’s offer to sell the refinery to NNPCL marks a significant turn in the ongoing debate over the structure and control of Nigeria’s petroleum industry, with potential implications for the nation’s energy security and market dynamics.